Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,611/mo
Lowest payment- Down payment
- $251,787
- Funds due
- $265,824
- Interest + MI left
- $214,839
- First ends
- Nov 2051
Assumption
Assumption + second
$3,976/mo
+$1,365/mo- Down payment
- $65,787
- Funds due
- $81,441
- Interest + MI left
- $520,168
- First ends
- Nov 2051
New loan
New conventional
$4,501/mo
+$1,890/mo- Down payment
- $65,787
- Funds due
- $78,118
- Interest + MI left
- $854,216
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $398,213 | $398,213 | $584,213 |
| Second mortgage | — | $186,000 | — |
| First P&I | $1,865.81 | $1,865.81 | $3,957.66 |
| Second P&I | — | $1,364.80 | — |
| Mortgage insurance | $318.75 | $318.75 | $116.84 |
| Taxes, insurance & HOA | $426.67 | $426.67 | $426.67 |
| Total housing payment | $2,611.23 | $3,976.03 | $4,501.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,787
Closing costs & prepaids$15,654
Usable credit−$0
Total buyer cash needed$81,441
Earnest money paid−$0
Remaining funds due$81,441
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,500.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$780.00
Prepaid interest, first (9 days)$281.80
Prepaid interest, second (9 days)$366.90
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing24 yr 11 moOf the original 30-year loan at 2.87%
Interest already paid$62,027Through Dec 2026
Assumption only · ends Nov 2051$214,839
Assumption + second · ends Nov 2051, second Jan 2057$520,168
New conventional · ends Jan 2057$854,216